Mere inadequate inquiry by AO doesn’t justify revision under Section 263

PCIT 2 Vs Clix Finance India Pvt Ltd (Delhi High Court) Introduction: In a landmark decision that reinforces the principles of fair assessment and judicious application of revisionary powers under the Income Tax Act, the Delhi High Court has delivered a verdict in the case of PCIT 2 Vs Clix Finance India Pvt Ltd. This ruling is a significant step towards clarifying the circumstances under which the Commissioner of Income Tax (CIT) can invoke revisionary powers under Section 263 of the Income Tax Act, 1961. Detailed Analysis: The crux of the case involved the CIT’s invocation of Section 2...